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6 Powerful Ways to Handle Objections
Transform Challenges into OpportunitiesThe Art of Professional Response
Iain Shirlaw
February 19, 2025
Welcome to Business Fluency - a newsletter designed to enhance your understanding of essential business terms and concepts and provide you with practical strategies to boost your business and career prospects.
In today’s newsletter:
6 Powerful Ways to Handle Objections
Quote of the day: Brian Tracy
What I’m Watching:
Word of the day: Bid
Business English: Test Your Knowledge!
Whenever you are ready, here is how I can help you
6 Powerful Ways to Handle Objections
Transform Challenges into OpportunitiesThe Art of Professional Response
Last week, we explored key negotiation strategies like active listening and persuasive techniques. Now, let's delve into how to handle objections effectively. Whether it's pricing, contract terms, or delivery timelines, your response should not only address concerns but also reinforce trust and collaboration.
During my motorsport business days, I frequently encountered objections, particularly regarding pricing. I faced challenges both when purchasing and selling, each requiring a different approach. My mission was to showcase the hidden value I provided.
For instance, as a trade buyer of motorsport cars, I couldn't match the prices offered by retail customers. However, I offered immediate collection and instant payment, eliminating the seller's concerns about potential disputes or refund requests from private buyers. Additionally, I saved the seller time and money on advertising and avoided dealing with tyre kickers - time-wasters who show interest but never commit, a challenge in many industries.
Six Powerful Expressions for Handling Objections
Handling objections requires a balance of empathy and persuasion. Here are six useful expressions you can use in different business situations:
“I understand what you are saying, but... “
Example (Purchase Negotiation):
“I understand what you are saying, but please remember that I can buy and collect the car today and pay you immediately. In addition, you do not have to spend money on advertising or wait for a private buyer who is probably going to bid you down anyway."
“I see your point, however... “
Example (Project Management):
"I see your point, however, delaying the launch could result in lost market opportunities. If we prioritise the core features now, we can roll out updates later."
“That's a valid concern, but have you considered...?”
Example (HR & Hiring):
"That's a valid concern, but have you considered that hiring a more experienced candidate at a slightly higher salary might reduce turnover and training costs in the long run?"
“I appreciate your perspective. Let me show you why this could work for you... “
Example (Consulting):
"I appreciate your perspective. Let me show you why this could work for you - our strategy has helped similar companies increase efficiency by 20% within six months."
“If I were in your position, I might feel the same way. Here's how I can help... “
Example (Customer Support):
"If I were in your position, I might feel the same way. Here's how I can help: I can escalate your request and offer a temporary workaround while we find a permanent solution."
I hear what you're saying. What if we...?
Example (Partnerships & Deals):
"I hear what you're saying. What if we structured the agreement so that you only commit to a three-month trial before making a long-term decision?"
Conclusion: Turning Objections into Opportunities
Every objection presents an opportunity to strengthen a business relationship. Instead of seeing objections as roadblocks, view them as a chance to demonstrate value, address concerns, and build trust. The key is to listen actively, acknowledge the other person's perspective, and respond with confidence and clarity.
What objections have you encountered in your work? Reply and let me know how you handled them!
Quote of the Day: Brian Tracy
I really appreciate this quote, and over time, I came to understand its truth as my business experience grew. It wasn’t something that came naturally to me at first.
Early on, I used to dislike objections, believing they meant the person wasn’t interested in doing business with me.
As I gained more experience, I realised that those who weren’t interested typically ended the conversation quickly, leaving little room for me to engage further. However, those who raised objections were actually still interested in continuing the conversation—they just needed more reasons to commit.
This quote really sums up that shift in perspective perfectly. I only wish I had known it when I first started in business.
“Treat objections as requests for further information.”
What I’m Watching: Dealing with Objections
When I was researching this newsletter, I came across this video that offers some valuable insights on how to handle objections. The central message of this video aligns closely with the one I shared earlier - it’s crucial to demonstrate that you genuinely understand the objection being raised.
Word of the day: Bid (noun or verb)
Bid - noun - countable:
an offer of a particular amount of money for something that is for sale
to make an official offer to do work or supply goods at a stated price
"The company submitted a competitive bid for the government contract."
Bid - verb:
to offer a particular amount of money for something that is for sale, often at an auction
“I am going to bid for that classic car in the upcoming auction.”
When used as a verb, 'bid' follows irregular patterns:
Present: bid
Past tense: bid
Past participle: bid
"Several investors bid for the property at yesterday's auction.”
Business Context: In business, bidding is fundamental to procurement, auctions, and market trading. The bid-ask spread in financial markets represents the difference between the highest price a buyer will pay (bid) and the lowest price a seller will accept (ask).
Word Family:
Verb: to bid
Noun: bid, bidder (person)
Adjective: bidding
Compound nouns: bid price, bid-ask spread
"Three bidders are competing for the acquisition."
Common Business Collocations:
winning bid
competitive bid
bid price
to submit a bid
to place a bid
bid process
bid document
sealed bid
to bid up (increase price)
to bid down (decrease price)
to outbid (offer more than others)
This versatile term is essential in financial markets, auctions, and contract negotiations, reflecting both the action of making an offer and the offer itself.
Business English: Test Your Knowledge!
Choose the best answer for each question:
1. When handling objections in business, which approach is most effective according to the newsletter? |
2. In business English, the word 'bid' is used as both a noun and a verb. Which of these uses is INCORRECT? |
3. When using the phrase "I understand what you are saying, but..." in negotiations, what should follow? |
Whenever you are ready, here is how I can help you:
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Disclaimer:
This newsletter is for informational and educational purposes only and should not be construed as financial advice. The information contained herein is generic and does not take into account your individual financial circumstances. You should always consult with a qualified financial professional before making any investment or financial decisions.
Additionally, the authors and/or publishers of this newsletter may hold investments in securities or other financial instruments mentioned herein. These are included for illustrative purposes only and should not be taken as a recommendation to buy or sell such securities or financial instruments.